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Veterans Unaware Of This VA Home Benefit

More than 21 million Veterans and Service members live in the U.S. today. Only about 6% of them have purchased a home using a VA loan in the past five years. The VA Loan is one the most accessible and powerful loans available for military borrowers.

Some borrowers are able to purchase a home without spending a single dollar up front. Yet according to a 2010 national survey, 33% of eligible veteran homebuyers were unaware the VA loan benefit existed.

If you want to learn more about what the VA loan can offer, read on.

VA Refinance to Drop Your Rate

The VA IRRRL program stands for Interest Rate Reduction Refinancing Loan. It’s meant to reduce the veteran’s VA loan rate quickly and easily. It requires no pay stubs, no W2s, no appraisal. No kidding. That reduces the time and effort required for Veterans to get into today’s record-low rates.

There is no better refinance product on the market, but it’s only for Veterans who have VA loans currently.

For other Veteran homeowners, the VA cash-out refinance allows you to refinance out of any loan type, get rid of mortgage insurance, drop your rate, and turn home equity into cash, if you’d like.

Most Veterans would pay more and cost themselves more time by choosing a non-VA refinance.

VA Home Purchase: $0 Down and No Mortgage Insurance

Likewise, buying a home with a VA loan is probably the least costly way to do it. VA loans do not require mortgage insurance. That comes out to savings of $150 per month on a $250,000 home, according to mortgage insurance provider MGIC.

And, there’s no down payment required. Instead of saving for years to put 5-10% down on a home, you go directly to home shopping immediately. VA loans are also more lenient on credit history than just about any loan type.

If you’ve been sitting on the sidelines, waiting for the right time to buy, now could be a perfect time.